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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.626%  
  Support   1.576%  
  Resistance   1.297%  
  FN 2.5% Coupon   102.328 (+0.141)  
     Monday, October 25, 2021

U.S. Futures Pare Early Gains As COVID-19 Concerns Retreated


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.6626, 3.02 bps higher than prior closing of 1.6324.

Futures on the S&P 500 and Nasdaq 100 were little changed and erased early gains as rising concern of inflation and an outbreak of the delta virus strain in China is expected to worsen. However, traders are also eyeing on the string of earnings reports from technology driven stocks. September Dallas Fed Manufacturing unexpectedly falls to 4.60. The Markit US Manufacturing PMI (Purchasing Manager Index) came in at 59.10, versus an estimate of 56.50 dropped to a seven-month low due to limited supply and labor constraints. The basic-resources sector advanced as crude oil rose 0.40% and yellow metal extended to $1,802.60 an ounce. OPEC+ alliance might maintain its cautious approach to managing global crude supplies given the threat to demand still posed by the pandemic. Bitcoin advanced toward $63,000. The MSCI Asia Pacific Index is down 0.10% while Japan’s Topix index closed 0.34% lower. The Stoxx Europe 600 index was little changed.

The curve has bear-steepened with the UST 10-Year yield up 3.02 bps.

This Week's Events
  10/25 Chicago Fed Nat Activity Index 05:30 Sep 0.20 -0.13 0.29 0.05  
  10/26 FHFA House Price Index MoM 06:00 Aug 1.50% - 1.40% -  
  10/26 S&P CoreLogic CS 20-City MoM SA 06:00 Aug 1.50% - 1.55% -  
  10/27 MBA Mortgage Applications 04:00 22-Oct - - -6.30% -  
  10/27 Wholesale Inventories MoM 05:30 Sep P 1.00% - 1.20% -  
  10/28 Initial Jobless Claims 05:30 23-Oct 290k - 290k -  
  10/28 Continuing Claims 05:30 16-Oct 2410k - 2481k -  
  10/29 PCE Deflator MoM 05:30 Sep 0.30% - 0.40% -  
  10/29 PCE Deflator YoY 05:30 Sep 4.40% - 4.30% -  
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.  
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